Article2007

Intention and Stochastic Outcomes: An Experimental study

134 citations0/0 files storedThe Economic Journal

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Experimental Behavioral Economics Studies Decision-Making and Behavioral Economics Names, Identity, and Discrimination Research

Abstract

Do people care about intentions – even when good intentions do not produce good results? In our experiments we find that rates of punishment and reward react strongly to intentions (the wage a firm decides to pay) and more modestly to distributional outcomes (the higher or lower wage actually received including the stochastic component). For example, workers who end up receiving medium wages respond much more positively when this resulted from the firm offering a high wage but bad luck lowered the worker's pay than when this resulted from the firm offering a low wage and good luck raised the pay.

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References

1999A Theory of Fairness, Competition, and Cooperation 1965Inequity In Social Exchange 1988The Social Psychology of Procedural Justice 2000ERC: A Theory of Equity, Reciprocity, and Competition 2011Incorporating Fairness into Game Theory and Economics 2002Understanding Social Preferences with Simple Tests 2000Fairness and Retaliation: The Economics of Reciprocity 2000Fairness as a Constraint on Profit Seeking: Entitlements in the Market

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